Australia
Overview
Australia’s regime is based on the AML/CTF Act 2006 as substantially amended in 2024 and the AML/CTF Rules. The modernised obligations commenced for existing reporting entities on 31 March 2026 and for newly regulated tranche-two professional sectors on 1 July 2026.
Risk-based customer due diligence includes identification and verification of beneficial owners. The 2024–26 reforms modernise CDD and extend the framework to newly regulated professional-services sectors.
AUSTRAC receives suspicious matter reports and other prescribed transaction reports. Reporting requirements depend on the designated service and report type.
Compliance Calendar4
Requirement
International Funds Transfer Instruction (IFTI) report
Authority / Report toAUSTRAC
Deadline / triggerWithin 10 business days.
Requirement
- Subject scope
- Entities within the current IFTI reporting regime when sending or receiving an international funds transfer instruction.
- Trigger
- Sending an IFTI out of Australia or receiving an IFTI into Australia under the applicable reporting category.
- Filing channel
- AUSTRAC Online / applicable electronic reporting method.
Impact
- Consequences of non-compliance
- AUSTRAC states that late or missing IFTI reporting can attract penalties, including up to 100,000 penalty units for a body corporate and 20,000 for a non-body-corporate under the stated regime.
- Enforcement authority
- AUSTRAC
- Operational impact
- Cross-border payment systems should identify IFTIs at source and preserve the instruction date used to calculate the reporting deadline.
Requirement
Suspicious Matter Report (SMR)
Authority / Report toAUSTRAC
Deadline / triggerWithin 24 hours of forming a terrorism-financing suspicion; otherwise within 3 business days after the day the suspicion was formed.
Requirement
- Subject scope
- AUSTRAC reporting entities when the statutory suspicious-matter trigger is met in connection with a designated service.
- Trigger
- Reasonable grounds for suspicion, including relevant criminal activity or terrorism-financing suspicion.
- Filing channel
- AUSTRAC Online.
Impact
- Consequences of non-compliance
- Late or missing reports can attract civil penalty and enforcement action. A single monetary figure is not generalised because the applicable provision and entity facts matter.
- Enforcement authority
- AUSTRAC
- Operational impact
- Case-management escalation should distinguish the 24-hour terrorism-financing clock from the 3-business-day clock for other suspicions.
Requirement
Threshold Transaction Report (TTR)
Authority / Report toAUSTRAC
Deadline / triggerWithin 10 business days after the day the transaction takes place.
Requirement
- Subject scope
- Reporting entities providing a designated service involving a physical-currency threshold transaction.
- Trigger
- Transfer, receipt or payment of A$10,000 or more in physical currency, including foreign currency of equivalent value.
- Filing channel
- AUSTRAC Online.
Impact
- Consequences of non-compliance
- Failure to lodge a required TTR can lead to AUSTRAC enforcement and civil penalties; the Calendar does not substitute one generic maximum for the full statutory penalty regime.
- Enforcement authority
- AUSTRAC
- Operational impact
- Cash-detection logic should aggregate only as required by the applicable reporting rule and send reportable physical-currency events into a 10-business-day filing workflow.
Requirement
AML/CTF program and risk controls
Authority / Report toAUSTRAC
Deadline / triggerOngoing. Risk-based AML/CTF program obligations are continuous rather than a single fixed-date filing.
Requirement
- Subject scope
- Reporting entities subject to the AML/CTF Act and Rules, with scope affected by the 2024 reform implementation and transition settings.
- Trigger
- While providing regulated designated services.
Impact
- Consequences of non-compliance
- Program failures can result in supervisory remediation, infringement/civil-penalty action or other AUSTRAC enforcement depending on the breach.
- Enforcement authority
- AUSTRAC
- Operational impact
- Maintain current risk assessment, governance, policies, monitoring, training and assurance as continuous controls rather than treating AML compliance as report-only.
Authorities & FIU4
FATF Assessment
Measures how fully the jurisdiction has implemented FATF’s technical requirements. It does not measure practical effectiveness.
Measures whether the AML/CFT system achieves its intended results in practice. Follow-up reports do not normally replace these ratings.
Explore 40 FATF RecommendationsSee every Technical Compliance rating and what it means.+
Explore 11 Immediate OutcomesSee how FATF rates whether the AML/CFT system works in practice.+
Regulatory Timeline41
AUSTRAC recorded a 14 October 2026 update to its threshold transaction report (TTR) guidance, clarifying when transactions involving physical currency trigger reporting duties and adding examples, including mixed transactions. The underlying statutory A$10,000 reporting threshold is not announced as newly enacted by this guidance revision.
Lawyers, accountants, real-estate professionals, trust/company service providers and dealers in precious metals/stones become regulated when providing designated services.
Revised obligations under the reform package take effect for existing reporting entities, subject to specific transitional arrangements.
FATF revised Recommendation 16 to standardise payment information and strengthen fraud/error controls in cross-border payments.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF amended Recommendation 1 and related interpretive material to strengthen proportionality and simplified measures under the risk-based approach.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Repeal of the legacy FTR framework forms part of Australia’s transition to the modernised AML/CTF regime.
Australia enacted the 2024 AML/CTF reform legislation, modernising the existing regime and extending AML/CTF regulation to additional high-risk professional services.
FATF revised Recommendations 4, 30, 31 and 38 and related interpretive material to make asset recovery a stronger operational priority, expand tools to trace and confiscate criminal property and improve domestic and international cooperation.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗At its February 2023 Plenary FATF revised Recommendation 25 and its Interpretive Note to strengthen transparency and beneficial-ownership requirements for trusts and similar legal arrangements, complementing the 2022 strengthening of Recommendation 24 for legal persons.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF strengthened Recommendation 24 on beneficial ownership transparency for legal persons.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF amended Recommendations 1 and 2 and their Interpretive Notes so countries and covered private-sector entities must identify, assess and mitigate risks of breaches, non-implementation or evasion of proliferation-related targeted financial sanctions.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Basel Committee revised its ML/TF risk-management guidelines to add principles for information exchange and cooperation between prudential and AML/CFT supervisors in authorisation, ongoing supervision and enforcement.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF adopted detailed implementation requirements for virtual assets and VASPs in June 2019, including the application of wire-transfer information requirements commonly described as the Travel Rule. This operationalised the virtual-asset perimeter introduced through the 2018 Recommendation 15 revision.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗In October 2018 FATF revised Recommendation 15 and added the definitions of virtual asset and virtual asset service provider, formally bringing virtual-asset activity into the global AML/CFT standards architecture. Detailed implementation requirements followed in 2019.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Australia brought digital currency exchange services within the AML/CTF regulatory framework and AUSTRAC registration/supervision.
The Basel Committee issued Sound management of risks related to money laundering and financing of terrorism, superseding its 2001 CDD and 2004 consolidated KYC papers and integrating ML/TF risk management with prudential supervisory expectations.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF adopted a consolidated revised set of 40 Recommendations integrating AML, CFT and proliferation-financing safeguards.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1737 imposed binding measures concerning Iran’s proliferation-sensitive nuclear activities, including an asset freeze on designated individuals and entities. Together with the DPRK regime, it forms a foundational UN counter-proliferation targeted-financial-sanctions architecture.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗Australia enacted the AML/CTF Act 2006, replacing the predecessor transaction-reporting framework with a broader risk-based AML/CTF regime.
Following the DPRK nuclear test, Resolution 1718 imposed binding sanctions including an asset freeze on designated persons and entities connected to the nuclear programme. It became a central UN targeted-financial-sanctions pillar for counter-proliferation financing.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗FATF added a ninth Special Recommendation addressing cash couriers and cross-border movement of currency.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1540 requires all States to adopt and enforce laws and domestic controls to prevent non-State actors from acquiring or using weapons of mass destruction and related materials. It forms a binding global legal pillar of the proliferation-financing control environment later reflected in FATF CPF standards.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗The UN General Assembly adopted the United Nations Convention against Corruption on 31 October 2003. UNCAC addresses prevention of money laundering, laundering of corruption proceeds, confiscation and a dedicated asset-recovery framework; the Convention entered into force globally on 14 December 2005.
Current UN depositary relationship to 2003 UN Convention against Corruption. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗FATF comprehensively revised its AML/CFT Recommendations, strengthening preventive measures and extending coverage.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗The Basel Committee issued Customer due diligence for banks, setting minimum supervisory expectations for customer acceptance, identification, ongoing monitoring and risk management. It became an influential global banking KYC/CDD benchmark and was later reflected in FATF standards.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗FATF expanded its standards to terrorist financing through eight Special Recommendations.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Resolution 1373 requires all States to prevent and suppress terrorist financing, criminalise the provision or collection of funds for terrorist acts, freeze terrorist assets without delay and prohibit making funds or financial services available to terrorists and related entities.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗The Palermo Convention was adopted on 15 November 2000 and broadened the international money-laundering framework beyond drug proceeds through criminalisation and preventive measures tied to transnational organised crime. It entered into force globally on 29 September 2003.
Current UN depositary relationship to 2000 Palermo Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗The UN General Assembly adopted the International Convention for the Suppression of the Financing of Terrorism on 9 December 1999, creating the treaty framework for criminalising terrorist financing and international cooperation. It entered into force globally on 10 April 2002.
Current UN depositary relationship to 1999 Terrorist Financing Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗Resolution 1267 imposed an assets freeze and other targeted sanctions in the Taliban context and created the Security Council committee that became the foundation of the UN 1267 sanctions architecture. It is a key global precursor to modern terrorist-financing targeted financial sanctions.
UN Members agree to accept and carry out Security Council decisions. This current Charter relationship is not proof of the jurisdiction’s domestic implementation, nor a claim about its membership status on the historical event date.
UN Charter · Article 25 ↗Australia is one of the 13 founding members of the Asia/Pacific Group on Money Laundering established in Bangkok on 27 February 1997.
FATF revised the Forty Recommendations to reflect evolving money-laundering methods and countermeasures.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗Representatives of 13 financial intelligence units met in Brussels on 9 June 1995 and founded what became the Egmont Group. The milestone created the operational global network for FIU-to-FIU cooperation and exchange of financial intelligence.
Current profile relationship to the Egmont network. This does not imply membership in 1995; admission history is a separate LOCAL/STATUS fact.
Egmont Group · Member FIUs ↗Historical FinCEN/GAO membership evidence identifies Australia among the 14 first Egmont Group members; Egmont's official history dates the founding meeting to 9 June 1995.
FATF issued its original Forty Recommendations, establishing the first global AML standard framework.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗FATF records Australia as a member since 1990.
The G7 established FATF in 1989 to examine and develop measures to combat money laundering. FATF became the central global standard-setting body whose recommendations are implemented through national and regional AML/CFT frameworks.
Current relationship. Direct FATF membership and any listed regional assessment network participation are current profile relationships only. The GLOBAL milestone does not prove membership or domestic implementation on the event date; those remain LOCAL/STATUS evidence.
FATF Global Network ↗AUSTRAC was established in 1989 as a statutory authority under the Financial Transaction Reports Act 1988. This separated the institution’s founding from the 1988 enactment date of its enabling reporting framework.
The Vienna Convention was adopted on 20 December 1988 and created the first treaty-level international obligation to criminalise laundering conduct linked to drug-trafficking proceeds, alongside confiscation and international-cooperation measures. It entered into force globally on 11 November 1990.
Current UN depositary relationship to 1988 Vienna Convention. This is not a claim that the jurisdiction was already a Party on the GLOBAL event date; the national accession/ratification date is a separate LOCAL/STATUS fact.
UN Treaty Collection ↗The Basel Committee published a Statement of Principles for banks aimed at reducing the risk that banking institutions would be used by criminals or as channels for money laundering. This helped establish the preventive and supervisory side of AML alongside the emerging criminal-law framework.
A Basel supervisory publication does not become domestic law merely because it is GLOBAL. National adoption, supervisory use or incorporation must be evidenced by a LOCAL milestone or source.
Basel Committee on Banking Supervision ↗The FTR Act created an early federal reporting foundation that pre-dated the modern AML/CTF Act and was later repealed during the 2024–26 reforms.